Refinance Calculator

Compare your current mortgage with a refinanced loan. See monthly savings, break-even point, and total interest comparison.

Current Loan
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New Loan
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Find out if refinancing your mortgage makes financial sense with our free refinance calculator, comparing your current loan against a new rate and calculating your break-even point.

How Refinance Savings Are Calculated

This calculator compares your current monthly payment against a new payment at the refinanced rate, then calculates how many months it takes for your savings to exceed the closing costs of refinancing.

How to Use This Calculator

  1. Enter your current loan balance, rate, and remaining term
  2. Enter the new interest rate you're considering
  3. Enter estimated closing costs
  4. Click Calculate to see your new payment, monthly savings, and break-even timeline

Frequently Asked Questions

When does refinancing make sense?

Generally when you plan to stay in the home longer than your break-even point, and the new rate is meaningfully lower.

What closing costs should I expect?

Refinance closing costs typically run 2-5% of the loan amount.

Does refinancing reset my loan term?

Yes, unless you specifically choose a shorter term, refinancing restarts your amortization schedule.

Is cash-out refinancing different?

Yes, cash-out refinancing lets you borrow more than your current balance and take the difference in cash.